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A Study on How Managerial Overconfidence Impact Capital Structure in the Medium and Small Listing Companies

Author: DongKun
Tutor: JiaZhiYong
School: Southwest Jiaotong University
Course: Business management
Keywords: Behavioral Finance Management overconfidence Capital Structure Panel Data
CLC: F276.6;F224
Type: Master's thesis
Year: 2011
Downloads: 40
Quote: 0
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Abstract


Traditional financial theory assumes that the economic life of human is completely rational, adequate decision-making capacity to make good for their own decision-making, the assumption that every transaction will measure its costs and benefits, and will choose in their best interest programs. However, since the 1980s, the theory of behavioral finance emerging market daily development, rational people assume that under the framework of the original financial theory and the efficient market hypothesis put forward a strong challenge. In this regard, in addition to the relationship between the managers of overconfidence and corporate investment decisions, the relationship between the managers of overconfidence and corporate debt financing to gradually become the focus of the study. In the theoretical aspects of the research has been made a preliminary conclusion, but the empirical research, there are still some problems, mainly because the managers of overconfidence variable is difficult to have an accurate measure. Foreign research in this area is nearly done more, and related research is still relatively rare. So in China, under a government-led development of emerging stock markets, management of listed companies the existence of overconfidence characteristics? Management overconfidence characteristics listed companies' capital structure decisions between what kind of relationship? These are worthy of further research of scholars. On the basis of the above analysis, the empirical method, the data collected from 2006 to 2009, the Shenzhen Stock Exchange small board listed company, get a panel data sample, and statistical analysis of the data using Eviews6.0 Software, empirical examination and analysis of management overconfidence on the impact of the company's capital structure and debt maturity, and eventually come to the following conclusions: (1) The capital structure of the company by management overconfidence significant impact, management overconfidence and company balance between the rate of This shows that if the company's management has the overconfidence features the company will be more take debt financing showed a significant positive correlation between. (2) the company's debt maturity by management overconfidence significant impact, management overconfidence and the company's short-term balance between the rate of significant positive correlation, indicating that if the company's management with overconfidence characteristics of the company. and more short-term debt.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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